2017.05.2823:22:00UTC+00Gold Steady Near 4-Week Peaks Buoyed by Political Tensions

Gold prices held near its highest in four weeks after climbing nearly one percent in the session earlier, bolstered as geopolitical tensions lifted its safe-haven appeal.

Spot gold was little changed at $1,266.40 an ounce. On Friday, it rose 0.9 percent to reach its highest since May 1 at $1,269.50. U.S. gold futures fell 0.1 percent to $1,266.4 per ounce.

Hedge funds and other money managers raised their net long position in COMEX gold for the first time in four weeks, in the week ended May 23, according to data from the U.S. Commodity Futures Trading Commission.

Gold demand in Asia dwindled down this week as buyers moved to the sidelines in India as they await the new national tax policy while China entered a seasonal slowdown.

The state-supported Russian Direct Investment Fund and China's Fosun International Ltd. might announce an investment in Polyus by early June, according to a source familiar with the topic.

Heavy rains and a cyclone caused an eight percent, or 6-tonne decline in Australian gold production in the first three months of 2017, a survey released on Sunday showed.

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